The roaring US dollar is turning into a wrecking ball that will hit emerging economies especially hard, including those in Asia. Added to the impact of Russia's war on Ukraine, high food and fuel prices, a likely global recession and China's economic slowdown, the ingredients of a perfect storm are in place.
The US dollar index, which measures the greenback against a basket of six major currencies, has risen more than 20 per cent in the past year. Every Asian currency without exception has fallen against the greenback.
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